Revamp of the Income Tax Rules, 2026 is likely to have a meaningful impact on taxpayers. (AI image)

April 1, 2026 not just signals the start of the new financial year 2026-27, but this time also brings with it a new set of income tax rules. The New Income Tax Rules 2026, based on the Income Tax Act 2025, have several changes that salaried taxpayers should be aware of. Your exemption limits are changing – hence the math behind the choice of the new and old income tax regime is also changing.Beyond that, the language of the Income Tax Act has been simplified and several common sections and forms have been renamed, which is important to know when filing tax returns.According to Kuldip Kumar, Partner, Mainstay Tax Advisors, the use of simpler language and the rearrangement of sections are expected to make the law more streamlined and less complicated for taxpayers. “Taxpayers will now need to familiarise themselves with renumbered sections such as 80C, 80D, etc., which they have long remembered by heart. Greater linkage of information in return forms, along with changes in various reporting requirements, is also set to tighten compliance,” Kuldip Kumar told TOI. The amendments introduced through the Finance Bill 2026, along with the revamp of the Income Tax Rules, 2026—where the limits for several exemptions and deductions have been enhanced—are likely to have a meaningful impact on taxpayers, depending on their individual circumstances, he added.He notes that several changes—such as the enhancement of the free meal limit and the extension of this benefit to those under the new regime, as well and the increase in reimbursement limits for car running and maintenance expenses for employees using their own cars for both official and personal purposes—are expected to reduce the tax burden for the salaried class in general.We take a look at top 10 things salaried taxpayers should know going into the new financial year 2026-27:1. Tax Slabs Remain the SameThe income tax slabs and income tax rates under both the new and old income tax regime remain the same. The old tax regime continues to offer several deductions and exemptions but with higher tax rates at lower income levels, and the new tax regime has almost negligible exemptions but much lower income tax rates at higher income levels.

Old Tax Regime Slabs For Individuals Up To 60 Years of AgeBut while the tax slabs remain the same, several changes in the exemption limits under the old income tax regime may change your decision on which regime to opt for. In certain cases, with higher exemption limits under the new income tax rules, the old regime again becomes lucrative.

New Tax Regime SlabsWe explain that in detail at the end of this article, but first we take a look at the top changes2. Expansion of 50% HRA benefits to more citiesHouse Rent Allowance or HRA is a common exemption availed by taxpayers under the old income tax regime. How is HRA calculated? It’s the least of the three amounts; actual HRA received, rent paid minus 10% of salary, and 50%/40% of salary.So, what has changed under the new income tax rules? The list of metro cities that are allowed for the 50% of salary calculation has been expanded. Earlier, only those living in Delhi, Mumbai, Kolkata, and Chennai could avail the 50% limit. Now, the list includes Bengaluru, Hyderabad, Pune, and Ahmedabad.Parizad Sirwalla, Partner and Head – Global Mobility Services, Tax, KPMG in India calls the move a welcome step, particularly given the rise in housing costs across emerging urban cities. “By bringing cities such as Bengaluru, Hyderabad, Pune and Ahmedabad at par with traditional metros for HRA computation, the proposal provides meaningful tax relief to salaried individuals residing in these locations,” she tells TOI.The tax expert points out that the exemption will continue to be subject to existing conditions such as actual rent paid and salary structure. Taxpayers should therefore review their compensation structure and HRA claims to benefit from the revised provisions, proposed to take effect from 1 April 2026, she advises.Amarpal Chadha, Tax Partner, EY India tells TOI, “The revision in HRA exemption limits is a welcome move to keep pace with inflation. Extending the higher 50% HRA exemption to cities like Bengaluru, Pune, Hyderabad and Ahmedabad from the earlier 40% will meaningfully benefit salaried taxpayers opting for the old tax regime, where housing remains a significant expense.”3. Big Hike In Education, Hostel AllowanceThis one is a relief for parents – both in terms of an increase in education and hostel allowance. Effective FY 2026-27, the exemption limit for children education allowance has been increased from Rs 100 per month per child to Rs 3,000 per month per child.At the same time, for hostel expenditure, the exemption limit has been hiked from Rs 300 per month per child to Rs 9,000 per month per child. These two exemptions can be availed for up to two children.It’s important to note that these exemptions continue to be available only under the old income tax regime.4. PAN Card Quoting RequirementsUnder the new income tax rules, the requirement of quoting your PAN Card has undergone several changes. Below is a list of the changes that you should be aware of:Fundamentally, the changes to PAN usage and application signal a continued push by the government towards ease of compliance, targeted information collection and strengthening the digital tax ecosystem, says Parizad Sirwalla.

By enhancing transaction limits and curtailing the scope of compulsory PAN quoting requirement, such as moving from daily to annual transaction thresholds (e.g. cash deposit/ withdrawal etc.) and increasing the limits for mandatory quoting in specified transactions (such as hospitality/event expenditures, purchase of motor vehicle/ property etc.), the aim is to ease compliance for routine transactions while enabling closer monitoring of high-value activities, she says.“Even the PAN application process has been streamlined e.g. Aadhaar- PAN name mismatch issue potentially addressed by allowing use of initials where name as per Aadhaar has initials etc. Overall changes have been made to collect targeted information in a simplified manner,” she adds.5. Employer Provided Cars: New Perquisite ValuationIn this case, there is a chance of the tax liability for salaried taxpayers increasing. The valuation of perquisites for employer provided cars has undergone a revision. According to KPMG, the monthly taxable value ranges from Rs 2,000 to Rs 7,000 per month, and an additional Rs 3,000 per month is considered in case of a chauffeur being provided. The hiked slabs replace valuations ranging from Rs 600 to Rs 2,400, plus Rs 900 for chauffeur. Hence it would possibly increase the tax liability for employees who avail such benefits.

6. Concept of Tax Year As Against Assessment YearThis is a prominent change, especially when you are filing your tax return. The concept of financial year and assessment year has always caused confusion among taxpayers. That has now been unified to reflect a ‘Tax Year’ which is the year in which you have earned the income that is being taxed. Let’s understand this better with an example:

7. Meal Voucher LimitsIf as a salaried employee, you get meal vouchers then the per meal limit has been a four fold increase. The tax free limit for meals provided by employees has been raised to Rs 200 from Rs 50 per meal. 8. Expanded scope of perquisites and exemptions

Several existing forms have been replaced or consolidated to simplify compliance. For example, Form 130 has replaced Form 16, commonly used as the salary certificate, while Form 124 has substituted Form 12BB, which was used for employee declarations. 9. Filing Revised Tax Return? New Extended Time Lines In PlaceYet another relief for salaried taxpayers is that the deadline to file revised tax returns is proposed to be extended. From the current December 31 of the tax filing year to March 31 of the subsequent year with the payment of a nominal fee. This measure was first announced by FM Nirmala Sitharaman in her Budget speech this year.10. New Vs Old Tax regime Math changes!Finally, the most important takeaway for salaried taxpayers is that with all the revisions in exemption limits under the old income tax regime, you will now have to do fresh calculations to understand which regime reduces your tax outgo – new or old?To understand this better, Amarpal Chadha of EY India shares two sets of calculations with certain assumptions. First is a comparison of tax liability under the old versus new tax regime as per the 1962 Income Tax Act rules. The second is a comparison between the old and new regime with the revised exemption limits as per the new income tax rules.

Assumptions for Table 1:1. The employee is a resident of Bengaluru, Karnataka (with 40% HRA exemption rule) with a cost to the company of Rs 25,00,000 per annum.2. The above calculation is based on Income-tax Act, 1961 read with Income-tax Rules, 19623. Exemption for Children Education Allowance has been availed at Rs 200 per month per child for a maximum of 2 children4. Exemption for Hostel Allowance has been availed at Rs 300 per month per child for a maximum of 2 children

Assumptions for Table 2:1. The employee is a resident of Bengaluru, Karnataka (with the new 50% HRA exemption rule) with a cost to company of Rs 25,00,000 per annum. 2. The above calculation is based on Income-tax Act, 2025 read with Income-tax Rules, 20263. Exemption for Children Education Allowance has been availed at Rs 3,000 per month per child for a maximum of 2 children4. Exemption for Hostel Allowance has been availed at Rs 9,000 per month per child for a maximum of 2 childrenBased on the calculations presented above, a taxpayer is likely to see higher tax savings under the old income tax regime (Income Tax Rules 2026) compared to the Income Tax Rules, 1962 and the New Tax Regime, primarily due to the increase in exemption limits for Children Education Allowance, Hostel Allowance, and HRA. However, the tax outcome may vary depending on the nature and composition of the taxpayer’s salary structure, particularly in light of the higher perquisite valuation for benefits such as car Lease and the enhanced exemption limit for food coupons. Hence, it is wise to make your calculations before deciding on which tax regime to opt for in the new financial year 2026-27.

Palmer Luckey was only 21 when Meta acquired his virtual reality startup, Oculus VR in March 2014. The company was acquired for a whopping $2 billion, making it one of biggest tech deals of the decade. With the acquisition, Palmer Luckey became one of the youngest self-made billionaires then. “Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow. Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate,” Meta CEO Mark Zuckerberg then said. But what happened next was not what many had expected. Just three years after the billion dollar deal, Luckey was ‘fired’ from Meta.

Donation that got Palmer Luckey ‘fired’ from Facebook

In March 2017, Palmer Luckey left Facebook amid controversy surrounding his political contributions and financial support of far-right groups and internet trolls. In a later interview with CNBC, Luckey admitted hat he was fired from the social networking giant a few years ago, saying it was for “no reason at all.”“I gave $10,000 to a pro-Trump group, and I think that’s something to do with it,” he said, adding “it wasn’t my choice to leave” but selling Oculus to Facebook was “the best thing that ever happened to the VR industry even if it wasn’t super great for me.”Since leaving Facebook, Luckey has openly supported Donald Trump.

Palmer Luckey founded defence-tech startup Anduril

Following his exit from Facebook, Luckey founded the security and defense-tech startup Anduril Industries in 2017. The company has secured major contracts from US defence agencies. In a recent interview, Luckey admitted that moving from VR headsets to defense was a shift. “With VR, the only thing stopping us from launching a new headset was whether it was finished and ready to launch. You can’t do that with the military. You’re moving at someone else’s pace.”Cost-plus contracting has perverse incentives: people make more money when programs are slow, more money when things are more expensive, more money when things break all the time. If I relied on the government to give me money to start development, I’d have to wait years just to even start,” he said.

Meta CEO Mark Zuckerberg praises Palmer Luckey

In a taste statement about Luckey, Mark Zuckerberg told Tablet that he had “a huge amount of respect” for Palmer and hoped the two could “find ways to work together in the future.”“He’s an impressive free-thinker and fun to work with,” he said in the statement. “I was sad when his time at Meta came to an end, but the silver lining is that his work at Anduril is going to be extremely important for our national security. I’m glad an entrepreneur of his caliber is working on these problems.”

When Palmer Luckey commented on Meta layoffs

Earlier this year, Palmer Luckey shared an X post expressing sympathy for laid off Meta employees as the company cut 1,500 jobs at its Reality Labs division. Here’s what he said: I have an opinion on the Meta layoffs that is contrary with most of the VR industry and much of the media, but strongly held.This is not a disaster.They still employ the largest team working on VR by about an order of magnitude.Nobody else is even close.The “Meta is abandoning VR” narrative is obviously false, 10% layoffs is basically six months of normal churn concentrated into 60 days, strictly numbers wise.The majority of the 1,500 jobs cut in Reality Labs (out of 15,000) were roles working on first-party content, internally developed games that competed directly with third party developers.I think this is a good decision, and I thought the same back when I was still at Oculus.Change always sucks because people lose their jobs in the process, but in a world of limited resources, Meta heavily subsidizing their own (with money, marketing, placement, etc) at the expense of core technical progress and platform stability doesn’t make sense. Crowding out the rest of the entire ecosystem, even less so. Every developer big and small, even the hyper-efficient ones, have had an extremely hard time competing with games developed by Meta-owned teams with budgets and teams that spend vastly in excess of earning potential.People will point out that these teams did an awesome job and got awesome reviews from critics and customers alike – yes, and fucked up though it is, that makes the problem even worse!Some people will say “they should have just funded those developers as external studios rather than acquiring them, then!”.Yes, I agree, but hindsight is 20/20.Do you think Oculus expected to only sell 700 copies of Rock Band VR after spending eight figures to make sure it was ready and awesome for Rift CV1 launch, to the point of bundling the guitar adapter with every single headset?Of course not, but sometimes you learn what the world actually wants from you the hard way.TL;DR, I feel really bad for the people impacted, but this is a good thing for the long-term health of the industry, especially the ongoing incentives.

As the Middle East crisis escalates, crude oil prices could surge to $150 or $200 a barrel if the near-closure of the Strait of Hormuz continues over the next six to eight weeks. The disruption is a result of the ongoing war involving the US, Israel, and Iran, which has already prompted Persian Gulf producers to cut millions of barrels of daily supply.According to energy-market consultancy FGE NexantECA, the impact on the global oil market could be enormous. “Every week, 100 million barrels of oil is not going through, and every month, 400 million barrels are not going through,” Chairman Emeritus Fereidun Fesharaki told Bloomberg on Tuesday. “So, within a period of time, these losses to the market will be astronomical,” he said. Fesharaki highlighted that the physical reality of supply disruptions would determine oil prices, rather than political statements.“The market will choke, and the prices will go up. It doesn’t matter what the president says on the political front,” he added. His statement comes as US President Donald Trump has earlier suggested possibility to end the conflict. Oil prices have already surged sharply this month amid the conflict, with Brent crude climbing above $110 per barrel and US West Texas Intermediate (WTI) crude trading above $100. Brent crude rose $2.26, or about 2 per cent, to $115.04 a barrel in early trade, after hitting its highest level since March 19 in the previous session. US WTI crude gained $3.10, or around 3 per cent to $105.96 a barrel, marking its highest level since March 9.Analysts warn that if the Strait of Hormuz remains effectively closed, the global oil market could face further shocks, potentially pushing prices even higher.

Historically, companies maintained a sizeable bench by hiring in anticipation of future projects. (AI image)

Indian IT sector majors – Tata Consultancy Services (TCS), Wipro, Infosys, HCL Tech, and Tech Mahindra – have seen their bench strength drop by 25% in the last two years. Bench strength acts as a traditional reserve workforce with an aim to be a cushion during demand fluctuations. This buffer has contracted sharply, declining by roughly one-fourth over the past two years, and industry observers believe it may not return to earlier levels even if growth revives.Across major firms such as TCS, Infosys, Wipro, HCLTech and Tech Mahindra, the number of employees on the bench has dropped by around 75,000, falling from nearly three lakh to about 2.25 lakh, according to industry estimates cited by experts in an ET report.The proportion of unassigned employees has also narrowed considerably. “The bench across IT services is currently between 8-15% of the workforce compared to over 20% earlier,” said Pareekh Jain, CEO of EIIRTrend. Similarly, TeamLease Digital estimates the current range at 8-12%, down from 20-30% in previous years.

Deeper Shift In IT Sector Bench Strength Trends

Historically, companies maintained a sizeable bench by hiring in anticipation of future projects, ensuring that skilled personnel were readily available when demand materialised. This approach was viable during periods of rapid expansion. However, firms are now moving away from that model and tightening workforce utilisation.Companies that once operated with 4-5% of employees on the bench are now targeting significantly lower levels, often between 1% and 1.5%. In some cases, stricter policies have been introduced. For instance, in TCS bench duration has been capped at around 35 days annually, after which performance evaluations are initiated, and employees who remain unallocated may be asked to exit.Experts indicate that this shift is not merely cyclical but reflects a deeper structural change. “The concept of bench does not make sense unless an IT services firm can predict skill or role-based demand with 90% accuracy three months in advance,” said Gaurav Vasu, founder of UnearthInsight.Slower industry growth has been identified as the primary driver behind this contraction, rather than technological disruption. “Low growth is the bigger factor in bench reduction today. When growth returns, firms may not need to rebuild their bench because local hiring in different countries has increased significantly over the last five to six years,” Jain said.Over the past two years, hiring patterns have undergone a clear shift. Demand for traditional mid-level delivery roles has declined by roughly 20–30 per cent, while requirements for skills in artificial intelligence, generative AI, data, and cloud technologies have increased by about 30–40 per cent across the same firms, according to Neeti Sharma, CEO of TeamLease Digital.Global capability centres, however, present a more varied trend, with mid-level recruitment showing relatively greater resilience. “Leadership hiring has grown in line with overall demand, with the share of such roles increasing from around 15% in 2024 to around 20% in 2025. What has changed is the nature of these roles. Today, more than 50% of job demand is driven by emerging skills, especially in AI, cloud, and platform engineering,” said Kapil Joshi, CEO of IT staffing at Quess Corp. In contrast, hiring at the entry level has declined by around 30–35 per cent during the same period, he added.The changes are also affecting how quickly professionals are placed. The average time required to assign a benched engineer with 8–12 years of experience has lengthened to 60–90 days, compared with 30–45 days earlier, Sharma told ET.

Salary Trends

Compensation trends are diverging as well. Premiums for lateral hiring in non-AI roles have reduced to 10–20 per cent, down from 25–35 per cent in FY 2022–23. In contrast, professionals with AI capabilities continue to command premiums of 20–30 per cent and tend to secure offers more quickly, Sharma said. According to Quess data, premiums for generative AI roles range between 15–40 per cent depending on the position.The broader career structure within IT services firms is also evolving. “The people manager role is not disappearing, but its responsibilities are narrowing, shifting toward revenue expansion and profitability management away from headcount oversight,” Vasu said.

‘Dhurandhar 2: The Revenge’ continues its record-breaking run on day 13, surpassing the lifetime India net of ‘Dhurandhar Part 1’ in just 11 days. With a domestic net of Rs. 873.99 crore and a worldwide gross nearing Rs. 1,400 crore, the Ranveer Singh starrer is successfully defying the IPL 2026 season craze. Directed by Aditya Dhar, the film is now chasing the Rs. 900 crore and eventually the Rs. 1000 crore India net milestone, a feat previously seen only by the Allu Arjun starrer ‘Pushpa 2.’

‘Dhurandhar: The Revenge’, directed by Aditya Dhar and starring Ranveer Singh, continues its historic box office run as it enters day 13 of its theatrical release on Tuesday, March 31, 2026.’Dhurandhar 2 continues its phenomenal global run, amassing a worldwide gross of Rs. 1,392.23 crore. This massive total includes Rs. 1,042.23 crore from the Indian market and an additional Rs. 350 crore from overseas territories. On the domestic front, the film has recorded a staggering Rs. 872.17 crore in net collections by end of day 12 which marked the second Monday since its release. After a historic second weekend, the film is now on a steady march toward the Rs. 900 crore India net milestone. Notably, on Sunday, the spy thriller broke a nine-year-old record previously held by the Prabhas starrer ‘Baahubali 2,’ becoming the highest-grossing Indian film in North America by crossing the USD 22.7 million mark.Dhurandhar 2 Movie ReviewWith its strong word-of-mouth appreciation and repeat viewership despite the ongoing IPL season, ‘Dhurandhar 2’ continues to reign. The film has shown remarkable strength against the 19th season of the Indian Premier League (IPL), which began on March 28, 2026. Even with high-profile opening weekend clashes like RCB vs. SRH and MI vs. KKR, theater attendance for ‘Dhurandhar 2’ remained impressively steady. This indicates that the film’s drawing factor is compelling enough to withstand the massive viewership of major cricket tournaments. Here is a full live tracking update for day 13.

‘Dhurandhar: The Revenge’ first week and second week projections

The film’s opening week set the tone with an extraordinary preview haul of Rs 43 crore, followed by a historic opening day of Rs 102.55 crore which marked the milestone of being the biggest opening day in Hindi film history. The momentum held powerfully through the extended weekend, closing Week 1 at Rs 674.17 crore. The second week continued strongly with Rs 49.70 crore on day 8, Rs 41.75 crore on day 9, Rs 62.85 crore on day 10, and the record-breaking Rs 68.10 crore on day 11, before settling at Rs 25.30 crore on day 12.The film’s performance on its second Sunday was nothing short of legendary as it officially pushed its cumulative India net past the Rs. 840.20 crore lifetime collection of its predecessor, ‘Dhurandhar Part 1.’ With the ongoing IPL 2026 season, it usually causes a dip in evening cinema footfalls. However, the film has continued to retain massive footfalls even during prime match hours of 7:30 PM IST.

‘Dhurandhar: The Revenge’ day 13 live tracking

According to Sacnilk, on its thirteenth day, ‘Dhurandhar 2: The Revenge’ is maintaining a robust presence with 6,384 active shows nationwide. Live tracking reveals the film has already added Rs. 4.97 crore to its total today, pushing its domestic net collection to Rs. 877.14 crore.With this steady Tuesday performance, the film’s cumulative India gross has climbed to Rs. 1,048.09 crore, as the final official figures are tallied for the day.

Day wise collections for ‘Dhurandhar: The Revenge’

Day 0: Rs. 43 croreDay 1: Rs. 102.55 croreDay 2: Rs. 80.72 croreDay 3: Rs. 113 croreDay 4: Rs. 114.85 croreDay 5: Rs. 65 croreDay 6: Rs. 56.60 croreDay 7: Rs. 48.75 croreDay 8: Rs. 49.70 croreWeek 1 collection: Rs. 674.17 croreDay 9: Rs. 41.75 croreDay 10: Rs. 62.85 croreDay 11: Rs. 68.10 croreDay 12: Rs. 25.30 croreDay 13: Rs. 4.97 croreTOTAL: Rs. 877.14 crore

More about ‘Dhurandhar: The Revenge’

Directed by Aditya Dhar, this sequel serves as a gritty origin story for Jaskirat Singh, tracing his transformation into Hamza, India’s most lethal intelligence asset operating deep within Pakistan. The film features Ranveer Singh in a career-defining role, alongside Arjun Rampal as Major Iqbal and Sanjay Dutt as SP Chaudhary Aslam. The supporting cast includes R. Madhavan, Rakesh Bedi, Danish Pandor, Udaybir Sandhu and Sara Arjun. Yami Gautam appears in a key special role. To achieve the gritty aesthetic of Lyari, Karachi, the team redesigned Ballard Estate in South Mumbai and utilized massive sets in Bangkok.Originally planned as a single movie, the scale of the footage led to a two-part duology. It currently holds a U/A certificate with a massive runtime of 3 hours and 49 minutes. The film’s climax features Jaskirat’s identity arc unanswered which was reportedly a conscious creative choice by director Aditya Dhar. The film features several timelines with historical moments such as the 2014 general elections and the 2016 demonetization included into the narrative.DISCLAIMER: The box office numbers and data in this article are compiled from diverse public and industry sources. All figures are approximate unless explicitly mentioned, offering a fair representation of the movie’s box office performance. These totals may change as official studio data is updated or as additional international market reports are finalized. This data is provided for informational and entertainment purposes only.